Biden, Powell to blame for high inflation, banking crisis, inflation

During his My Take on Wednesday, Varney Co. host Stuart Varney argued that President Biden and Jerome Powell are to blame for the banking crisis and high inflation due to the endless government spending and nonstop money printing.

STUART VARNEY: What a mess. Jay Powell at the Federal ReserveFederal Reserve has to deal with this. We'll find out what he's going to do at around 2 p.m. this afternoon.

I'm not going to try to guess what he's going to do. I'm more interested in asking why we're in this mess. That may give us some idea of what we should avoid in the future.

Joe Biden moved into the White House in January 2021. He's never stopped spending.

When inflation started to pick up in the summer of '21, he said it was just transitory. He kept spending. He met with Jay Powell and appointed him to a second term at the Federal ReserveFederal Reserve. Powell kept printing.

Inflation hit 9%. Biden brought in the Inflation Reduction Act, which was just another excuse to spend more money.

In order to fight inflation, the Federal ReserveFederal Reserve pushed interest rates up. The banking crisis has been caused by that.

The president has learned nothing. He's being pushed on by the left, which still runs the Democrat Party. That's what Democrats do. Jay Powell. He's locked into interest rate hikes to beat the inflation he helped create. We'll have to wait for a new Fed chair to get any real change in policy, and Powell's term runs until 2025.

Elections have consequences, and we are all now living with the consequences of electing a big-spending president and the reappointment of a Fed chair who printed far too much for far too long.